We know that buying a home is expensive, and how important it is to know your expenses so you can budget. That is why we let you know, up front, all of your closing costs with no surprises. With us, you will not need to fill out an online Form or wait for a quote. You will have it right here.
As you are aware, or may have become aware during this process, there are a lot of expenses and uncertainty as to what they will all amount to, especially your total closing costs.
Different lawyers have different ways of quoting your closing costs. Some will charge a fee for their services, on top of which they will add their costs of completing the transaction (these are called disbursements), on top of which will be your title insurance, HST, registrations and land transfer tax. In this type of quote you will not know what your total cost is because the lawyer cannot know what your disbursements are. Disbursements vary a great deal but on an average purchase they may be between $350 and $600. You would then only find out exactly what your disbursements are on final closing.These will be added to the fee to determine your total for the lawyer’s work and his costs.
What are disbursements?
Disbursements are things the lawyer has to pay for to properly close your deal. These include:
- Title searches
- Execution certificates
- Conveyancing charges
- Software charges
- Certification of Cheques
- File storage charges
With our quotes, all fees and disbursements are fixed at $999. All you add on are the costs of Title Insurance and your land transfer taxes and registrations and H.S.T. Registrations are the costs of registering your deed and mortgage on closing ($149). We believe this approach gives our buyers the true total cost of buying and certainty in an area in which they need it. We were one of the first firms to take this approach with our closing costs and our clients greatly appreciate it. All you need to do to know your total closing costs is add your land transfer taxes and registration fees of $149 and HST. If you are comparing quotes, make sure that your quotes catch all of the above. For example, some quotes will not include such extra charges as Couriers which can easily be $70-$100 or so. Ours do. Also, many quotes will not include written reviews of Status Certificates or New Home purchases where required. Ours do.
We would also note that while we do understand the costs are important, it is most important that you receive a proper assurance as to your title. This will always be our primary concern and will not be compromised out of cost considerations. That is why, for example, we still hire a professional Conveyancer to do our title searches at the registry office rather than merely conduct them online to save costs.
Total Fees and Disbursements, put Simply:
All fees and Disbursements: $999*
Title Insurance: $350
Total Closing Costs: $1349
Quote for the Sale of a Property: $699.00* for all Fees and Disbursements.
Our focus is real estate and our fixed closing costs include all closing costs on most purchases. Title Insurance protects against Old/ No Surveys, Fraud and Forgery, Unpaid Taxes and Utilities, Zoning Violations and other potential title concerns.
Our fixed closing costs on purchases apply to all standard single-family residential Whole Lot Land Titles purchases in the G.T.A .for up to $500,000 with one mortgage and up to two purchasers and two vendors. Total Land Transfer Taxes and registrations depend on the purchase price and are not included. Please see below to calculate your Land Transfer Taxes. You may also be eligible for a refund of up to $4000.00 in Provincial Land Transfer Taxes and a full exemption of the Toronto Land Transfer Tax. Our Fixed Sale Closing Costs include all closing costs except the Law Society Transaction Levy where there is no Mortgage to Discharge.With one mortgage add only $100.00. Our purchase quotes include any H.S.T. on the Title Insurance. H.S.T. applies only to the fixed closing costs above. Title insurance costs may vary but will not exceed the figure above.
Land Transfer Tax Calculator
Click below to calculate your Land Transfer Tax then just add the Ontario registration charge of $149. You will have the total Land Transfer Taxes and registration charges on your purchase.
If you are a first time home buyer you are eligible for an up front waiver of the first $2000 of the Ontario Land Transfer Tax and up to $3750 of the Toronto Land Transfer Tax. If you prefer, please feel free to call or email us for a calculation of your total Land Transfer Tax.